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FS Global Credit Opportunities changes name to FS Credit Opportunities
By William Gullotti
Buffalo, N.Y., March 8 – The board of trustees of FS Global Credit Opportunities Fund (FSCGO), a Boston-based closed-end fixed-income fund, announced its March 7 approval to change its name to FS Credit Opportunities Corp., according to a form 8-K filed with the Securities and Exchange Commission.
FS Global Advisor, LLC will continue to serve as the company’s investment adviser following the conversion. There will be no changes to the company’s investment objective and strategies, portfolio management team, policies and procedures or the members of the board overseeing the company as a result of the conversion.
The name change is part of the company’s preparations to list its common stock on the New York Stock Exchange prior to the end of the third quarter of 2022 with the ticker symbol “FSCO.”
Subject to shareholder approval, upon listing, the fund’s management fee will drop to 1.35% from 1.5%, and the hurdle rate for calculation of the incentive fee will be based on percentage of net assets rather than adjusted capital, consistent with other publicly traded closed-end funds. The reduction in management fee is expected to enhance the fund’s net investment income and allow the fund to sustain an annualized distribution yield of 7.25%, based on the fund’s net asset value as of Dec. 31, 2021.
In connection with the announced changes, the board of trustees also approved the fund’s conversion from a Delaware statutory trust into a Maryland corporation and elected to suspend the fund’s quarterly share repurchase program effective March 31, 2022. The fund plans to commence a quarterly tender offer pursuant to the share repurchase program prior to this suspension date but does not intend to commence another tender offer after March 31.
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